The business advisory group said its survey also found that almost six in ten British consumers are concerned about their lack of disposable income.

Last week, official data showed British shoppers unexpectedly cut back on spending in January after last year’s Brexit vote pushed up inflation - the strongest sign to date the UK economy is heading for a slowdown.

Consumers were barely fazed last year by June’s decision to leave the European Union. But they are turning more cautious with prices rising quickly in response to the post-referendum slump in the value of the pound and higher oil prices.

PwC’s survey of more than 1,000 UK shoppers found that price was still the most important factor for determining customer loyalty, with 59 percent of respondents saying they returned to a retailer because prices were good.

Other important reasons were trust in the brand (43 percent)and items being in stock (37 percent).

The report also highlighted an increasing reliance on Amazon (AMZN.O), with 91 percent of UK shoppers using the internet retailer.